BANKING GENERAL KNOWLEDGE
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Question
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Exide Life Insurance has announced a partnership with Punjab & Maharashtra Co-operative Bank (PMC Bank) to offer its protection and savings products to the latter’s customers. Where is the registered office of Punjab & Maharashtra Co-operative Bank?
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Chandigarh
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Ahmedabad
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Nagpur
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Mumbai
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Explanation:
Detailed explanation-1: -The Government of India has today sanctioned and notified the Scheme for the amalgamation of the Punjab and Maharashtra Co-operative Bank Ltd. (PMC Bank) with Unity Small Finance Bank Ltd. (USFBL). The amalgamation will come into force with effect from the date of the notification of the scheme i.e. January 25, 2022.
Detailed explanation-2: -Company merged with HDFC life in late 2022.
Detailed explanation-3: -HDFC Life had completed the acquisition of Exide Life in January 2022.
Detailed explanation-4: -But while that is the case with the majority of cooperative banks in India, RBI did have the powers to do so in the case of PMC which is a multi-state bank.
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